WTI Set for Longest Monthly Slide in Almost Five Years

West Texas Intermediate crude headed for a third monthly decline, the longest losing streak in almost five years, amid rising OPEC exports and increased supplies in the U.S., the world’s biggest oil consumer. Futures were little changed in New York after falling 1.5 percent on Nov. 27, the most in two weeks. The Organization of Petroleum Exporting Countries, which meets next week, will boost exports through mid-December by 3 percent as refineries resume after maintenance, according to tanker tracker Oil Movements. The U.S. pumped crude at the fastest rate in almost 25 years while inventories climbed to the highest since June, Energy Information Administration data released on Nov. 27 show. “The momentum is negative in WTI,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “U.S. production compared to just a year ago has continued to rise strongly. There still hasn’t been strong enough demand […]